London pricing out first-time home buyers

Chris Papadopoullos was City A.M.'s economics reporter until February 2016.

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Chris Papadopoullos

THE LONDON housing market is cooling, according to figures yester­day released by the Council of Mortgage Lenders (CML).

Loans to first-time buyers totalled 12,000 in number and £2.9bn in value in the three months to 31 Dec­em­ber. It marks a drop of 11 per cent in number and seven per cent in value on the three months to 30 September.

Home movers were granted 8,800 loans, valued at £2.9bn, in the three months to December. The figures were down 15 per cent in volume and down 20 per cent in value compared to the three months to September.